FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 第 1 頁 共 5 頁 v 1.3.0 FF305 確認 不適用 表格類別： 股票 狀態： 新提交 公司名稱： 太平洋航運集團有限公司 (僅供識別) 呈交日期： 2024年10月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02343 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股 ...

Financial Performance - In the first half of 2024, the company recorded a basic profit of $43.9 million and a net profit of $57.6 million, with EBITDA of $157.9 million, resulting in a return on equity of 6% and basic earnings per share of HKD 0.087[6]. - For the first half of 2024, the company reported a revenue of $1,281.5 million, an increase from $1,148.1 million in the same period of 2023, representing an increase of approximately 11.6%[11]. - The net profit for the first half of 2024 was $57.6 million, compared to $85.3 million in the first half of 2023, indicating a decrease of about 32.5%[11]. - The company achieved an EBITDA of $157.9 million for the first half of 2024, down from $189.1 million in the same period of 2023, reflecting a decline of approximately 16.4%[11]. - The company’s net profit margin for the first half of 2024 was 4%, down from 7% in the first half of 2023[11]. - The company’s basic earnings per share (EPS) for 2024 is 1.11 USD, down from 1.64 USD in 2023, representing a decrease of approximately 32.3%[131]. Operational Highlights - The company completed over 1,130 voyages in the first half of 2024, supported by a fleet of approximately 286 owned and chartered vessels[3]. - The average daily profit during operational days was $550, generating $7.8 million in revenue, excluding management expenses[7]. - The average daily operating days for the fleet in the first half of 2024 is projected to be 7,800,000[55]. - The average daily revenue for the company's large and ultra-large bulk carriers was $12,670, with a total of 76,800,000 in daily revenue, while the average indices for small and ultra-small bulk carriers were $9,780 and $11,030, respectively[26]. - The average daily performance of small bulk carriers exceeded the BHSI index by $840, while ultra-small bulk carriers outperformed the index by $410[52]. Fleet and Market Dynamics - The estimated market value of the small handy and super handy bulk carriers as of June 30, 2024, was $2.2 billion, significantly higher than the book value of $1.738 billion[7]. - The company’s fleet capacity was reported at 286 million tons with an average age of 13 years as of June 30, 2024[14]. - The global dry bulk cargo loading volume increased year-on-year, driven by rising demand for minor bulk, iron ore, and grains, despite concerns over global economic growth and geopolitical conflicts[39]. - The order book for new dry bulk carriers remains constrained, with the total order volume accounting for 9.7% of the existing fleet, and new orders for the first half of 2024 decreased by 13% compared to the same period last year[31]. - The net growth rate of the global dry bulk carrier fleet was 1.6% year-to-date, with a net growth rate of 2.1% for small and ultra-small bulk carriers[31]. Financial Position and Liquidity - The company maintained a healthy financial position with committed available liquidity of $537.4 million and a net debt ratio of only 2%[6]. - The total cash and deposits amounted to $215.0 million as of June 30, 2024, down from $261.5 million at the end of 2023[11]. - The company’s operating cash flow for the first half of 2024 was $133.6 million, compared to $184.8 million in the first half of 2023, a decrease of about 27.7%[11]. - The company has committed liquidity of $537,400,000 available for operational needs[26]. - The net debt as of June 30, 2024, was $32.2 million, a 17% decrease from $38.9 million at the end of 2023[66]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.041 per share, representing approximately 50% of net profit excluding gains from vessel sales[6]. - The interim dividend declared was 4.1 HK cents per share, representing approximately 50% of the net profit for the period[25]. - The company announced a share buyback program of up to $40 million, reflecting confidence in the long-term prospects of the dry bulk shipping market[25]. - The company repurchased a total of 42,716,000 shares at a cost of approximately HKD 113,800,000 (about USD 14,600,000) during the first half of 2024[87]. Environmental and Sustainability Initiatives - The company is committed to achieving significant progress in reducing carbon emissions and aims for net-zero emissions by 2050[34]. - The company is finalizing the design of dual-fuel low-emission vessels capable of operating on fuel and methanol, with a decision on construction expected in 2024[33]. - The company has implemented measures that are expected to reduce fuel consumption by approximately 8% through the application of silicone resin coatings on 22 owned vessels[76]. - The company is actively modernizing its existing fleet with the latest eco-friendly technologies, including low-friction silicone resin hull coatings[33]. - The company aims to enhance its governance and risk management practices to build stakeholder confidence and ensure sustainable value creation[83]. Employee and Community Engagement - The company is committed to attracting and retaining a diverse workforce, offering competitive compensation and training programs[108]. - The company emphasizes the importance of employee safety and well-being amid increasing threats in the maritime industry[36]. - The company has implemented community measures to support education and mental health, including an internship program for ethnic minorities in Hong Kong[82]. - The company is committed to improving employee health and safety standards, including additional psychological screening for crew members before boarding[77]. Governance and Risk Management - The company received a BBB rating from MSCI for its ESG performance in the first half of 2024[84]. - The company ranked in the top 10% for governance quality according to the Institutional Shareholder Services (ISS) assessment[84]. - The company emphasizes a strong governance and risk management framework to enhance stakeholder confidence and ensure effective implementation of sustainability strategies[33].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.90 [2]. Core Views - The company reported a net profit of USD 57.63 million for 1H24, a year-on-year decline of 32.5%, primarily due to low charter rates and increased charter costs. The company anticipates a recovery in profitability in the second half of the year due to seasonal demand and decreasing charter costs [4][5]. - The report has adjusted the net profit forecasts for 2024, 2025, and 2026 downwards by 34%, 16%, and 19% respectively, reflecting the lower charter rate assumptions [4]. Summary by Sections Financial Data - The closing price as of August 8 was HKD 2.16, with a market capitalization of HKD 11,343 million. The 52-week price range was HKD 1.98 to HKD 3.01 [3]. - The average daily trading volume over the past six months was HKD 69.06 million [3]. Performance Metrics - The average charter rates for the company's flexible and super-flexible vessels decreased by 9.4% and 0.1% year-on-year in 1H24, while the Baltic indices for these vessel types increased by 25% and 34% respectively [5]. - The company has locked in average daily charter rates for 3Q24 at USD 13,750 and USD 13,440 for flexible and super-flexible vessels, with a locking ratio of 87% and 98% respectively [5]. Market Outlook - The global bulk shipping volume increased by 2% year-on-year in 1H24, with specific increases in iron ore and grain shipments. The report anticipates a seasonal increase in shipping volumes in the second half of the year [5]. - The global supply of bulk carriers is expected to grow by 3.6% and 3.2% in 2024 and 2025, respectively, matching the demand growth of 3.6% and 1.2% [5]. Earnings Forecasts - The company's revenue is projected to be USD 2.398 billion in 2024, with a net profit forecast of USD 134 million, reflecting a 22.49% increase from the previous year [6]. - The report indicates a decrease in earnings per share (EPS) from USD 0.14 in 2022 to USD 0.02 in 2023, with a gradual recovery to USD 0.04 by 2026 [6][13].

Financial Performance - For the first half of 2024, the company reported a basic profit of $43.9 million, net profit of $57.6 million, and EBITDA of $157.9 million, achieving a return on equity of 6% and basic earnings per share of 8.7 HK cents[3]. - The company's revenue for the period was $1,281.5 million, compared to $1,148.1 million in the same period of 2023, reflecting a year-on-year increase[3]. - The company recorded a basic profit of $43.9 million for the first half of 2024, down 42% from $76.2 million in the same period of 2023[31]. - The contribution from core business for the small handymax dry bulk carriers decreased by 34% to $41.1 million, while the contribution from the ultra handymax dry bulk carriers increased by 7% to $35.7 million[32]. - The total cargo volume for the first half of 2024 was 44.7 million tons, representing a 30% increase from 40.9 million tons in the first half of 2023[33]. - The total comprehensive income attributable to shareholders for the six months ended June 30, 2024, was $56,939,000, compared to $84,594,000 in 2023[70]. - Pre-tax profit for the six months ended June 30, 2024, was $57,634 thousand, down 32.5% from $85,339 thousand in the same period of 2023[80]. Fleet and Operations - The company operated a fleet of 286 vessels, including 114 owned small and ultra-large bulk carriers, and continued to modernize its fleet by selling older vessels and acquiring new ones[4]. - The average age of the company's owned fleet is 13 years, with a total deadweight tonnage of 5.2 million tons[4]. - The average daily net income for the company's small and ultra-large bulk carriers was $11,810 and $13,690, generating a total revenue of $76.8 million from these operations[3]. - The average daily income for small and ultra-small bulk carriers was $11,810 and $13,690 respectively, exceeding the BHSI and BSI indices by $840 and $410[6]. - The fleet consists of 286 vessels, with a total deadweight capacity of 5,100,000 tons, including 131 small handy and ultra-handy/ultra-large handy bulk carriers[12]. - The company operates approximately 154 short-term chartered vessels, with operational days increasing by 29% year-on-year[44]. Market Outlook - The company remains optimistic about the long-term outlook for the dry bulk shipping industry, supported by increasing demand for minor bulk, iron ore, and grain[4]. - Global dry bulk cargo loading volume increased year-on-year, supported by rising demand for minor bulk, iron ore, and grains[7]. - Strong demand and moderate supply growth are expected to balance the dry bulk market, with projected net fleet growth of 3.1% in 2023 and 4.4% in 2024[27]. - The overall dry bulk ton-mile demand is projected to grow, reflecting a positive long-term market outlook due to supply constraints[23]. Environmental and Regulatory Compliance - The company is committed to further expanding its ultra-large bulk carrier fleet and optimizing its operations to comply with stricter environmental regulations[4]. - The company aims to achieve net-zero emissions by 2050 and is implementing a diverse decarbonization strategy to enhance fuel efficiency and reduce carbon footprint[11]. - The company is actively modernizing existing vessels with the latest environmental technologies, including low-friction silicone resin hull coatings and advanced weather routing[11]. - The company is implementing measures to enhance fuel efficiency and comply with new carbon reduction regulations, ensuring the operational continuity of its existing fleet[14]. Financial Position and Liquidity - The company maintained a healthy financial position with committed available liquidity of $537.4 million and a net debt ratio of only 2%[3]. - The company has a committed liquidity of $537.4 million and aims for a net debt-to-net asset ratio of only 2%[5]. - Cash and deposits as of June 30, 2024, were $260.7 million, showing a 0% change from December 31, 2023[62]. - The total borrowings decreased to $292.9 million as of June 30, 2024, reflecting a 3% increase compared to $300.4 million on December 31, 2023[62]. - The average interest rate for borrowings was 5.7%, with total financial expenses amounting to $10.6 million, a decrease of 5% compared to the previous year[65]. Shareholder Returns - The board declared an interim dividend of 4.1 HK cents per share, representing approximately 50% of the net profit for the period[3]. - A mid-term dividend of HK$0.041 per share was declared, representing approximately 50% of the net profit excluding gains from vessel sales[5]. - The company repurchased a total of 42,716,000 shares at a cost of approximately $14,600,000 during the six months ended June 30, 2024[85]. - The interim dividend declared for the six months ended June 30, 2024, is HKD 0.041 per share, payable on September 4, 2024[90]. Challenges and Risks - The company faces threats from rising interest rates and reduced housing construction in China, which may negatively impact global economic activity and demand for dry bulk commodities[30]. - The ongoing disruptions in the Suez and Panama Canals are expected to further reduce fleet efficiency and increase ton-mile demand in the second half of 2024[18]. - The company continues to adapt to challenges in the Panama Canal and Red Sea, which are expected to maintain shipping restrictions at least until the second half of 2024, supporting freight rates[10].

Group 1 - The core point of the article is that Pacific Basin Shipping (02343) has announced a share buyback plan with a funding limit of $40 million, which is approximately 312 million HKD, and the buyback period is from April 25, 2024, to December 31, 2024 [1] - As of the report, Pacific Basin Shipping's stock has risen by over 7%, specifically 7.44%, trading at 2.6 HKD with a transaction volume of 39.48 million HKD [1] - In Q1, the average daily income for the company's handy and super handy bulk carriers under time charter contracts was $11,050 and $13,610 respectively, with a year-on-year decrease of 18% for handy bulk carriers, while the income for super handy bulk carriers remained stable [1] Group 2 - The spot market average daily charter rates for handy and super handy bulk carriers in Q1 were $10,510 and $12,310 respectively, showing year-on-year increases of 26% and 27% [1] - CICC has raised its profit forecast for the company by 38% to $350 million for 2025, while maintaining the profit estimate for 2024 unchanged, and has increased the target price by 10.5% to 3.15 HKD [1] - The report assumes a minimum dividend payout ratio of 50% for 2024, resulting in a dividend yield of 7.9%, and if the dividend payout ratio remains at 75% as last year, the yield would be 12.2%, indicating attractive dividend prospects for the company [1]

Core Viewpoint - China International Capital Corporation (CICC) has upgraded Pacific Basin Shipping (02343) to an "outperform" rating, anticipating an upward cycle in the dry bulk shipping market, raising the 2025 profit forecast by 38% to $350 million, while maintaining the 2024 profit forecast unchanged, and increasing the target price by 10.5% to HKD 3.15 [1] Group 1: Company Performance - In Q1 2024, the company's core business for handy and super handy vessels achieved TCE rates of $11,050/day and $13,610/day, representing year-on-year declines of -18% and flat respectively, but exceeding market spot indices by $540/day and $1,300/day, benefiting from flexible operational strategies and a high proportion of scrubber-equipped vessels [2] - The company announced a share buyback plan starting from April 25, 2024, to December 31, 2024, with a maximum buyback fund of $40 million (approximately HKD 312 million), potentially covering up to 2.45% of the issued shares, reflecting management's confidence in operational capabilities and growth prospects [3] Group 2: Market Outlook - Supply growth remains constrained while demand is expected to gradually improve, indicating a potential upward cycle in the dry bulk market, supported by reduced effective capacity due to restrictions in the Red Sea and Panama Canal, alongside a 25.6% year-on-year increase in the Baltic Supramax Index (BSI) and a 22.7% increase in the Baltic Handysize Index (BHSI) [3][4] - As of April 2024, the order book for handy and super handy vessels accounts for 10.2% and 9.2% of capacity respectively, while vessels over 25 years old represent 4.4% and 9.0% of capacity, with Clarkson's projecting a supply increase of 4.4% and 3.3% for handy vessels in 2024 and 2025, respectively, and a corresponding demand increase of 4.0% and 3.3% for minor bulk transportation [4] Group 3: Fleet Optimization - The company continues to optimize its fleet structure, having sold a 20-year-old handy vessel in Q1 2024 and signed long-term lease agreements for 11 newbuild vessels (8 of which are pending delivery), which are expected to enhance profitability by over 20% compared to the current core handy and super handy fleet [4]

Core Viewpoint - The company, Pacific Shipping (02343), plans to implement a share buyback program from April 25, 2024, to December 31, 2024, with a maximum funding limit of $40 million (approximately HKD 312 million) [1] Group 1: Share Buyback Program - The share buyback will be executed under the general authority granted by shareholders at the annual general meeting on April 19, 2024 [1] - If the full $40 million is utilized, approximately 2.45% of the total issued shares can be repurchased based on the closing price of HKD 2.42 on April 18, 2024 [1] Group 2: Company Valuation and Financial Health - The company's current stock price is perceived to be below its true value and does not fully reflect the group's business prospects, indicating that this is a good time for the buyback [1] - The company maintains a robust financial position, and the board believes that the buyback plan demonstrates confidence in the long-term business outlook and growth potential [1] - The implementation of the buyback program is expected to optimize the capital structure and enhance earnings per share, net asset value per share, and shareholder returns [1]

智通财经APP讯，太平洋航运(02343)发布公告，2024年第一季度小灵便型及超灵便型干散货船的市场货 运租金高于同期历史平均，这是由于船队增长可控、干散货装载量增加，以及苏伊士运河及巴拿马运河 持续受干扰，造成船队效率下降及航程延长。于第一季度，铁矿石、谷物及小宗散货的全球装载量增 加，当中包括破纪录的第一季度铁铝氧石装载量。 于2024年第一季度，小灵便型(BHSI 3.8万载重吨(经调整))及超灵便型(BSI 5.8万载重吨)干散货船的现货 市场日均租金水平分别为10510美元(净值)及12310美元(净值)，较2023年同期分别增加26%及27%。 集团的核心业务取得的小灵便型及超灵便型干散货船按期租合约对等基准的日均收入分别为11050美元 及13610美元。这意味小灵便型干散货船日均收入按年减少18%及超灵便型干散货船日均收入并无升 跌。 2024年第二季度的核心小灵便型及超灵便型干散货船已订约日数中，目前分别已有84%及96%按日均租 金12290美元及14610美元获订约(已订约日数不包括硫净化器所带来的得益及营运活动)。2024年下半年 的核心小灵便型及超灵便型干散货船日数中，目前分别已有 ...

Financial Performance - In 2023, the company recorded a basic profit of $119.2 million, a net profit of $109.4 million, and EBITDA of $347.2 million, resulting in a return on equity of 6% and basic earnings per share of HKD 0.165[3]. - Revenue for the period was HKD 2,296.6 million, a decrease from HKD 3,281.6 million in the previous period, representing a decline of approximately 30%[11]. - Basic earnings per share decreased to HKD 16.5 from HKD 109.1, reflecting a decline of about 84%[11]. - Net profit margin dropped to 5% from 21%, indicating a significant reduction in profitability[11]. - Total assets decreased to HKD 2,432.5 million from HKD 2,648.7 million, a decline of approximately 8%[11]. - Cash and cash equivalents fell to HKD 261.5 million from HKD 443.9 million, a decrease of about 41%[11]. - The company reported a basic profit of $119.2 million for 2023, a decrease of 83% compared to $714.7 million in 2022, primarily due to falling freight rates[52]. - The total compensation for the group in 2023 reached $195,247,000, down from $225,444,000 in 2022, representing a decrease of approximately 13.4%[170]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.016 per share and an additional special dividend of HKD 0.041 per share, totaling 75% of the annual net profit[4]. - The total dividend for 2023 is proposed at 12.2 HK cents per share, representing 75% of the annual net profit, resulting in a dividend yield of 5% based on the beginning of the year share price[24]. - The distribution policy mandates a minimum dividend payout of 50% of annual net profit, excluding gains from vessel sales[24]. - The company maintains a dividend policy of distributing no less than 50% of the annual net profit, with any additional distribution potentially as special dividends[150]. Fleet and Operational Strategy - The company sold eight vessels in 2023 and acquired eight modern second-hand vessels, including six ultra-large bulk carriers, to enhance its fleet[8]. - The company aims to expand its ultra-small and ultra-large bulk carrier fleet while optimizing its existing fleet to meet stricter environmental regulations[8]. - The company operates a fleet of modern small and ultra-small bulk carriers, with over 90% of the fleet carrying cargo at any given time[15]. - The company holds approximately 4% of the global ultra-small bulk carrier fleet and 5% of the global small bulk carrier fleet, both under 20 years of age[16]. - The company is actively securing more forward contracts for the first quarter of 2024 due to anticipated increases in freight rates[58]. - The company is focused on effective communication with stakeholders to address the higher operational costs associated with zero-emission vessels[41]. Market Outlook and Demand - The company is optimistic about the long-term potential of the dry bulk shipping market, driven by increased demand from China's economic activities and infrastructure investments[5]. - The long-term outlook for the dry bulk shipping industry remains positive due to favorable supply fundamentals and increasing demand for commodities, particularly coal, iron ore, and minor bulk goods[37]. - Demand for dry bulk commodities is expected to rise due to ongoing global economic development, urbanization, and green initiatives[42]. - The company expects strong demand for dry bulk shipping to persist, contributing to industry growth and its own operational success[38]. Environmental and Regulatory Compliance - The company is preparing to comply with the International Maritime Organization's emission reduction regulations effective from January 2023 through technological upgrades and fleet renewal[8]. - The company aims for full decarbonization by 2050 and is actively pursuing opportunities to transition to a low-carbon industry[25]. - The company is collaborating with Nihon Shipyard Co. and Mitsui & Co. to develop low-emission vessels capable of operating on methanol and fuel oil[25]. - The company achieved a 40% reduction in carbon emission intensity compared to the 2008 baseline year, with a target to reduce it by over 50% by 2030[31]. - The company is committed to reducing its fleet's carbon emissions density and environmental impact in accordance with stricter new regulations[91]. Governance and Leadership - The company has appointed two new directors, Mats Henrik Berglund and Alexandre Frederic Akira Emery, to strengthen its leadership team[25]. - The board consists of eight directors, including Martin Fruergaard as CEO and Executive Director, who joined in July 2021[160]. - The company emphasizes responsible investment and management strategies to benefit diverse stakeholders[160]. - The board is committed to governance, with a focus on sustainability and strategic oversight[162]. - The company has established a dedicated sustainability committee at the board level, consisting of two independent non-executive directors and one non-executive director, to oversee long-term sustainable development matters[143]. Safety and Employee Welfare - The company is committed to maintaining high standards in safety, health, and welfare for its crew and shore staff, with a focus on avoiding workplace injuries[25]. - The company recorded 14 work-related injuries resulting in lost time out of approximately 21 million working hours in 2023, emphasizing its commitment to safety[90]. - The company is focused on supporting mental health initiatives for crew members, including additional psychological screening before boarding[101]. - The company has implemented a PB Families Programme to support the families of Filipino crew members, enhancing overall employee well-being[90]. Financial Management and Capital Structure - The company maintained a low net debt ratio of 2%, reflecting its strong balance sheet while supporting growth plans[3]. - The capital structure remains healthy with available liquidity of $549.2 million, supporting ongoing growth[24]. - The company has committed available liquidity of $287.7 million, an increase of 68% from $171.1 million in 2022, enhancing its financial flexibility[67]. - The company has established internal controls for handling insider information and ensures compliance with disclosure regulations[150]. Risk Management - The company has established a risk management framework to ensure sufficient liquidity and compliance with loan covenants, actively managing cash and borrowings[149]. - The risk management committee is responsible for enhancing the company's risk management culture and ensuring alignment with business and market developments[122]. - The company has strengthened its corporate risk management culture, emphasizing ethical values, transparency, and risk tolerance[123]. Awards and Recognition - The company has received multiple awards in 2023, including "Best Dry Bulk Operator" at the International Bulk Journal Awards for the second consecutive year[24]. - The company received the Blue Circle Award from the Vancouver Port Authority for the sixth consecutive year, recognizing its commitment to sustainability[75]. - The company was awarded three major awards at the 2023 Hong Kong Environmental, Social and Governance Reporting Awards, including Best ESG Report Award[80].

Financial Performance - The company reported a basic profit of $119.2 million and a net profit of $109.4 million for the year ending December 31, 2023, with an EBITDA of $347.2 million, reflecting a return on equity of 6% and basic earnings per share of 16.5 HK cents[3]. - The company recorded a basic profit of $119,200,000 in 2023, a decline in freight rental rates compared to 2022 due to economic slowdown and increased shipping supply[5]. - The company reported a basic profit of $119.2 million for 2023, a decrease of 83% compared to $714.7 million in 2022, primarily due to falling freight rates[34]. - Basic profit attributable to shareholders was $109.4 million, an 84% decrease from $701.9 million in 2022[68]. - The company experienced a 27% decrease in freight rental income, from $2,683,135 thousand in 2022 to $1,964,167 thousand in 2023[75]. - The company reported a net profit attributable to shareholders of $109,379 thousand, a decline of 84% from $701,856 thousand in the previous year[70]. - The company recorded a non-cash impairment charge for smaller handy-sized bulk carriers, representing about 4% of the fleet's book value[70]. Revenue and Expenses - The company reported a revenue of $2,296.6 million for 2023, down 30% from $3,281.6 million in 2022[68]. - Revenue for the year ended December 31, 2023, was $2,296,622 thousand, a decrease of 30% from $3,281,626 thousand in 2022[70]. - Gross profit for 2023 was $130,951 thousand, down 82% from $732,078 thousand in 2022[70]. - Financial expenses decreased by 55% to $22,650 thousand, attributed to reduced average borrowings and increased interest income[70]. - General and administrative expenses were reduced to $76 million in 2023 from $89.9 million in 2022, with a competitive average daily expense of $760[51]. - The company incurred lease expenses of $656,498 thousand in 2023, a reduction of 32.9% from $978,630 thousand in 2022[76]. - Fuel costs decreased to $591,008 thousand in 2023, down 8.3% from $644,301 thousand in 2022[76]. Fleet and Operations - A total of 115 small and ultra-small bulk carriers are currently in operation, with plans to expand the fleet further by acquiring modern second-hand vessels[2]. - The total fleet capacity is 5.3 million tons, with an average age of 13 years for owned vessels[4]. - The core fleet consists of 132 small and ultra-small bulk carriers, with a total operational capacity of approximately 5,300,000 deadweight tons, reflecting a 4% increase[20]. - The company sold eight vessels in 2023 and purchased eight modern second-hand vessels, including six ultra-large bulk carriers[2]. - The company has signed long-term lease agreements for three newly built small bulk carriers and four 40,000 deadweight ton small bulk carriers, scheduled for delivery between Q2 2024 and Q1 2025[20]. Dividends and Shareholder Returns - The overall dividend payout for the year is 75% of the net profit, with a final dividend of 1.6 HK cents and a special dividend of 4.1 HK cents per share[2]. - The company maintains a dividend policy of distributing no less than 50% of annual net profit (excluding gains from vessel sales), with additional distributions possible through special dividends or share buybacks[5]. - The board proposed a final dividend of HKD 0.016 per share and an additional special dividend of HKD 0.041 per share, totaling 75% of the annual net profit[12]. - The total dividend for the year was 12.2 HKD per share, which includes an interim dividend of 6.5 HKD and a proposed final special dividend of 4.1 HKD[79]. Environmental and Safety Initiatives - The company aims to achieve full decarbonization by 2050 and is actively working on reducing carbon emissions from existing vessels while preparing to transition to new low-emission vessels and fuels[8]. - The company is collaborating with Nihon Shipyard Co. and Mitsui & Co. to develop low-emission vessels capable of operating on methanol and dual fuel, with potential contracts for construction in 2024[8]. - Carbon emissions density has decreased by 40% compared to the 2008 baseline year, with a target to reduce it by more than half by 2030[18]. - The company is committed to maintaining the highest health and safety standards for its employees and providing training to adapt to evolving business challenges[23]. Market Outlook and Industry Trends - The company remains optimistic about the long-term potential of the dry bulk shipping market due to favorable supply and demand fundamentals[2]. - The long-term outlook for the dry bulk shipping industry remains positive due to favorable supply fundamentals and increasing demand for commodities, despite some economic slowdowns in certain countries[24]. - The company anticipates that demand for dry bulk commodities will increase due to economic recovery in China and global demand[32]. - The overall dry bulk shipping market is expected to see seasonal demand increase after the Lunar New Year, supported by limited vessel availability through the Suez and Panama Canals[26]. Corporate Governance and Diversity - The company emphasizes strong corporate governance and accountability, with recent appointments of two new non-executive directors to enhance board diversity and expertise[10]. - The company is focused on employee safety and well-being, with a commitment to avoiding workplace injuries and enhancing overall welfare[9]. - The company is actively promoting gender diversity, with 42% of onshore employees being women and ongoing efforts to recruit female cadets[10]. - The company is focused on creating an inclusive work environment that encourages employee contributions and eliminates barriers[23].